Crocodile Gold’s Quarterly Results Show Significant Growth
Crocodile Gold (CRK.TSX) announced its second quarter financial results, which included revenue of $56.8 million on the sale of 35,665 ounces of gold. The Company generated operating earnings of $5.9 million, a significant improvement over the $5.7 million loss in the first quarter of this year. Crocodile Gold also had cash provided by operating activities of $4.9 million in the second quarter.
Highlights:
* Quarterly production tripled to 36,117 ounces from 10,759 in the first quarter due in large part to Crocodile Gold’s acquisition of the Stawell and Fosterville Gold Mines in Australia
* The Company expects commercial production at its Cosmo underground mine to begin in the fourth quarter of this year
* A revised mineral resource estimate for the Union Reefs project is expected to be completed in the third quarter of this year
Chantal Lavoie, President and CEO of Crocodile Gold:
“Our Company has seen significant growth through the second quarter as we establish ourselves as a mid-tier Australian based gold producer. The Fosterville and Stawell Gold Mines have made a solid contribution while we focus our efforts on Cosmo in the Northern Territory.”
Company Management:
“2012 promises to be a very exciting year for the Company on numerous fronts. Cosmo development is ramping up as planned, gold production for the first month of 2012 is in line with guidance for the year, our exploration activities in the Union Reefs area continue to show great promise and our strategic initiatives continue to progress very well.”
2012-08-15 09:41:48
Source: http://www.goldalert.com/2012/08/crocodile-golds-quarterly-results-show-significant-growth/
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